PepsiCo to acquire Chinese snack company | Progresiv

PepsiCo has agreed to buy Chinese online snack company Be & Cheery from Haoxiangni Health Food Co for 705 million dollars.

Based in Hangzhou, Be & Cheery makes products such as nuts, dried fruits, meat snacks, baked goods and confectionery, and predominantly sells online through major e-commerce platforms in China.

Last year, the company reported revenues of approximately 711.1 million dollars.

PepsiCo said Be & Cheery’s data-led innovation capability and flexible manufacturing and sourcing enables it to quickly adjust its product portfolio to respond to changing consumer trends.

“Be & Cheery is highly complementary to our existing China business with its broad product portfolio, asset-light model and focus on e-commerce,” said Ram Krishnan, CEO of PepsiCo Greater China.

“As we look to accelerate growth in key markets around the world and further grow ‘in China, for China, with China’, Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels.

Glovo, parteneriat strategic cu eMAG

Danubius integrează RoPay direct în casele de marcat Datecs, oferind acces la plata prin cod QR

“We also expect to leverage Be & Cheery’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets.”

Haoqun Qiu, chairman of Be & Cheery, added: “Be & Cheery was founded to bring more people convenient and nutritious snacks. We believe PepsiCo’s strong branding and route-to-market capabilities, as well as global supply chain network, will help us deliver and expand on that mission.

“PepsiCo and Be & Cheery are jointly confident in the prospects for China’s snacks industry and share a commitment to invest in consumer-led and digitalised capabilities. We are excited to join forces with them as we look to expand our reach and grow Be & Cheery to the next level.”

Last year, PepsiCo acquired a 26% stake in China-based Natural Food International, which makes a range of products from grains, nuts and beans. (www.foodbev.com)